Mukesh Ambani emerges richest Indian for 11th consecutive year in Forbes list

Agencies
October 4, 2018

New Delhi, Oct 4: Reliance Industries' Chairman Mukesh Ambani has emerged as the richest Indian for the 11th consecutive year with a net worth of USD 47.3 billion, according to Forbes magazine.

Ambani is also the year's biggest gainer, adding USD 9.3 billion to his wealth amid the continuing success of his Reliance Jio broadband telco service.

As per the 'Forbes India Rich List 2018', Wipro Chairman Azim Premji has retained the second spot, adding USD 2 billion to his wealth at USD 21 billion; while ArcelorMittal Chairman and CEO Lakshmi Mittal moved a place ahead to the third slot with a net worth of USD 18.3 billion, increasing his wealth by USD 1.8 billion.

Mittal is followed by the Hinduja brothers at with a net worth of USD 18 billion and Pallonji Mistry with USD 15.7 billion.

Other business magnates making the top 10 list are Shiv Nadar (USD 14.6 billion), Godrej family (USD 14 billion), Dilip Shanghvi (USD 12.6 billion), Kumar Birla (USD 12.5 billion) and Gautam Adani (USD 11.9 billion).

"In a challenging year, which saw the rupee taking a tumble, the country's 100 richest collectively managed to hold their own. Moreover, new billionaires continue to be minted, which indicates that India's entrepreneurial energy is upbeat as ever," said Naazneen Karmali, India Editor of Forbes Asia.

Biotechnology pioneer Kiran Mazumdar-Shaw has emerged as the biggest percentage gainer of the year. One of only four women on the list, her net worth rose 66.7 per cent to USD 3.6 billion. In terms of net worth, she stood at 39th spot.

"Despite a rout in the rupee that practically wiped out the Indian stock market's 14 per cent rise from a year ago, tycoons on the 2018 Forbes India Rich List saw a modest gain in their combined wealth to USD 492 billion," a Forbes India statement said, adding that among the nation's 100 richest, 11 saw their wealth jump by USD 1 billion or more.

"The growth in the overall wealth of India's richest in a challenging year is one indicator of the country's economic advancement. New faces on the list - five of them - are also an encouraging sign of the rise of domestic mega-firms, many with a presence in global markets," Forbes India Editor Brian Carvalho said.

According to the statement, this list was compiled using shareholding and financial information obtained from the families and individuals, stock exchanges, analysts and India's regulatory agencies.

"Public fortunes were calculated based on stock prices and exchange rates as of September 21. Private companies were valued based on similar companies that are publicly traded," it said.

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ALTHAF MAHAMMED
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Thursday, 4 Oct 2018

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News Network
November 21,2024

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After the US prosecutors charged Gautam Adani with bribery and fraud, Congress reiterated its call for a Joint Parliamentary Committee (JPC) probe into the transactions of the Adani group, and hit out at Prime Minister Narendra Modi, alleging an "internal nexus" between him and "his favourite businessman."

Senior Congress leader Jairam Ramesh said the indictment of Gautam Adani and others by the US Securities and Exchange Commission validates his party’s call for a Joint Parliamentary Committee investigation.

The Congress has been pushing for the probe since January 2023, raising concerns over alleged irregularities involving Adani and his business dealings, said Ramesh.

Ramesh referred to the party’s “Hum Adani ke Hain” series, where 100 questions were raised about the alleged scams and the links between Prime Minister Narendra Modi and Gautam Adani.
He noted that the questions remain unanswered, reiterating the need for accountability in the matter.

The US prosecutors have charged Adani with deceiving investors by concealing information about his firm's solar energy project in India, which allegedly involved bribery.

Adani has been charged with securities fraud and conspiracy, according to an indictment unsealed on Wednesday. The case focusses on an agreement between Adani Green Energy Ltd. and another organisation to supply 12 gigawatts of solar power to the Indian government.

'BETRAYAL OF INDIAN INVESTORS'

Congress leader Pawan Khera described the allegations against Gautam Adani and his conglomerate as a “betrayal of Indian investors.”

Taking to X, Khera outlined the US charges, including claims that Adani’s group bribed Indian government officials between 2020 and 2024 to secure contracts. Citing media reports, he also pointed out that Gautam Adani personally met a government official to advance the scheme.

Khera referred to a March 2024 incident where the Adani Group allegedly misled the Bombay Stock Exchange and the National Stock Exchange, calling it a “grave violation of investor trust.”

He further highlighted a March 2023 FBI raid on the premises of Sagar Adani, Gautam Adani’s nephew, where electronic devices were seized as part of the investigation.

'SEBI NOT ABLE TO PROVE ANY CHARGES AGAINST ADANI'

Shiv Sena (UBT) leader Priyanka Chaturvedi criticised central probe agencies following US charges against Gautam Adani and others in an alleged bribery case linked to solar energy contracts.

Chaturvedi raised concerns about corporate governance and regulatory oversight in the country. “They talk about corporate governance, responsibility, and accountability. The industrialists should be asked to follow the rules and regulations, but even the agencies were defending him. The SEBI has not yet been able to prove charges against him,” she said, pointing to what she viewed as failures in ensuring accountability.

'BROUGHT DISREPUTE TO INDIA'

On US charges against Gautam Adani, AAP leader Sanjay Singh called for a probe against the industrialist. He said that the probe should be conducted by an investigation agency under the Supreme Court.

"Adani Group has brought disrepute to India. This is a very serious matter. The PM of India should come forward and answer this. All the pending matters against Adani should be probed by an investigation agency under Supreme Court monitoring, and all the corruption done by him, within and outside the country, should come out before the country and action should be taken against him," he said.

BJP DFENDS

BJP IT cell chief Amit Malviya responded sharply to the Opposition’s criticism regarding allegations involving Adani Green Energy and US-based Azure Power. He pointed out that the charges in the indictment are only allegations and emphasised, “The defendants are presumed innocent unless and until proven guilty.”

Malviya argued that the crux of the case concerns agreements to supply 12 GW of power to the Solar Energy Corporation of India (SECI), contingent on SECI securing power purchase agreements with state electricity distribution companies (SDCs).

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News Network
November 30,2024

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Bengaluru, Nov 30: The Bengaluru police have unraveled the brutal murder of Assam-born vlogger and counselor Maya Gogoi, apprehending her boyfriend-turned-assailant, Aarav Hanoy, from Devanahalli on the city’s outskirts. Aarav, a Kerala native, confessed to the crime, citing a personal quarrel as the trigger for his actions.

“We are still verifying his statements to determine whether the murder was premeditated. Scientific validation will help us establish the exact motive,” stated DCP (East) Devaraju.

A Sinister Timeline

The investigation revealed that after the crime, Aarav fled the scene, traveling extensively across Madhya Pradesh and Uttar Pradesh before returning to Bengaluru. Using CCTV footage and tracking efforts, police located him near Devanahalli, where he was arrested on Friday.

Aarav and Maya had checked into a service apartment on November 23. A heated argument led Aarav to stab Maya to death using a knife he had ordered online along with a nylon rope. After the murder, Aarav shockingly spent two days in the apartment with Maya's lifeless body, reportedly smoking cigarettes in front of the corpse before fleeing the scene on November 26.

The Relationship and the Crime

Aarav and Maya met six months ago via the Bumble app, leading to a relationship. Aarav, an intern earning Rs 15,000 monthly, had been in Bengaluru for six months, while Maya worked at counseling centers in Jayanagar and HSR Layout. Maya’s sister, who lived with her, was aware of the relationship.

On November 22, Maya informed her sister she wouldn’t be returning home, citing an office party. The following night, she messaged again, stating she was out partying. CCTV footage from the apartment shows Maya entering the room with Aarav, appearing cheerful and at ease.

Police Action and Next Steps

The police deployed three teams, with one tracking Aarav in Kerala and another in North Karnataka. After extensive efforts, they arrested him in Devanahalli. “The formalities of the arrest will be completed by tomorrow, and we’ll take him into custody for further investigation,” the DCP said.

The shocking crime, discovered within the Indiranagar police station limits on November 26, has sent shockwaves through the city. Investigators are piecing together the sequence of events as further details emerge in this harrowing case.

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News Network
November 30,2024

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Aleppo: Dreaded Takfiri-terrorist groups reached Syria’s second city of Aleppo Friday, as they pressed a lightning offensive against forces of the Iranian and Russian-backed government.

The fighting is some of the deadliest in years, with 255 people killed, according to the Syrian Observatory for Human Rights. Most of the dead have been combatants but the toll also includes 24 civilians.

The offensive began on Wednesday, the same day that a fragile ceasefire took effect in neighboring Lebanon between Israel and Iran-backed militant group Hezbollah.

‘Zionist plot’

Iranian Parliament Speaker Mohammad Baqer Qalibaf has vowed to support Syria in its fight against terrorists after the resurgence of Takfiri terrorism in the Arab country. 

“The new movements of Takfiri-terrorist groups are part of the plot of the US and the illegitimate Zionist regime,” Qalibaf said on Friday in a post on his X account.

He urged the neighbors of Syria “to be vigilant and not to fall into their trap.”

“After defeating the Zionist regime, the Islamic Republic of Iran and the axis of resistance will support the Syrian government and people against the new conspiracy like in the past,” Qalibaf stressed.

Captured 50 towns

By Friday, the terrorists had wrested control of more than 50 towns and villages in the north, according to the Britain-based Observatory, in the government’s biggest loss of territory in years.

They then entered western districts of Aleppo, a city of some two million people that was Syria’s pre-war manufacturing hub.

“Hayat Tahrir Al-Sham (HTS) and allied factions... were able to enter the outskirts of the Al-Hamdaniya and New Aleppo neighborhoods... after carrying out twin suicide attacks with two booby-trapped cars,” the war monitor said.

HTS, a dreaded terror alliance led by Al-Qaeda’s former Syria branch, shelled a student residence in the city, killing four civilians, state media reported.

Syrian and Russian warplanes launched intense air strikes on the rebel enclave around Idlib, where the militants are based, carrying out 23 raids, according to the Observatory.

Army reinforcements have arrived in Aleppo, a Syrian security official told AFP, requesting anonymity to discuss sensitive matters.

An army statement said troops had repelled the assault on the city and retaken some positions.

The United Nations Office for the Coordination of Humanitarian Affairs said “more than 14,000 people — nearly half are children — have been displaced” by the violence.

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